Many of the banks in Pakistan understand the importance of helping Small and Medium Enterprises (SMEs) in Pakistan to support the growth of the economy and promotion of business culture. The need to support the economy in a way that also benefits the banks makes it worthwhile for them to offer a wide range of loan options.
For example, to begin, currently there is the Prime Minister’s Youth Business Loan that is aimed at people between the age of 21 and 45. This loan is evening supporting youth to get a car for taxi hailing services such as UBER and Careem.
However, beyond this loan, many of the banks offer loans that are designed to fit a wide range of purposes. For instance, HBL Small Business Finance is aimed at offering finance of up to PKR 10 Million with instalments that are affordable. MCB offers short term loans that are designed to provide financial assistance for up to a year and these can be used to purchase stock and cover any overdrafts that are required.
There is a big push in Pakistan at the moment to help small business and so, now is a good time to consider your options through comparing business loans available by different banks in Pakistan.